Obamacare — think twice before dropping out of plan

When open enrollment came along, I signed up my two kids and myself. I was told that I had about two weeks to make changes. Can I still drop the insurance within that time limit they give? What about later? I’m not sure I can afford it.

Having Second Thoughts

Dear Having Second Thoughts,

You can drop out any time even after the time limit they give, if you have to pay for the coverage. Dropping people is easier than adding them. You can only add people – including yourself — during open enrollment, or when certain events happen (marriage, birth, etc.).

Keep in mind that 2014 is coming right along and you will have to have health insurance or pay a penalty (tax). You may not be able to rejoin the plan when you want to. If the plan just had an open enrollment, it will be another year until the next one.